In trading on Monday, shares of ReNew Energy Global plc (RNW) dropped to $6.145, entering oversold territory with a Relative Strength Index (RSI) of 29.6. An RSI below 30 signals that a stock may be oversold. For context, average RSIs for other energy stocks are significantly higher, with Energy Stock Channel reporting an average of 41.7, while WTI Crude Oil sits at 42.9.
ReNew Energy’s stock has a 52-week range of $4.035 to $7.79, and the last trade was at $6.21, reflecting a decrease of 3.6% for the day. Investors may view the low RSI as a potential entry point for buying opportunities as recent heavy selling trends may be nearing exhaustion.
